A recent report from VBProfiles, a leading market analysis platform, has found that the global Fintech landscape has recently reached over 1000 companies, $105 billion in funding and $867 billion in total value.
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Is Fintech set to rapidly drive up demand for lawyers?

Posted by: Simon Porter 30/09/16
A recent report from VBProfiles, a leading market analysis platform, has found that the global Fintech landscape has recently reached over 1000 companies, $105 billion in funding and $867 billion in total value. The report also found that investment into Fintech more than doubled between 2014 and 2015 from $17.8 billion to over $38 billion. According to the report, the main hubs leading the Fintech movement are California, with 219 companies, the UK (133), New York (95) and France (55).

So it’s no surprise that a recent a survey of finance directors by Thomson Reuters Legal revealed that the sector is optimistic about the future of Fintech and what it means for legal professionals. According to the survey, 28% of finance directors foresee a rapid increase in work originating from the technology sector. Samantha Steer, director, Large Law Segment for Thomson Reuters UK&I Legal business, commented on the sector’s potential saying “London-based fintech start-ups have seen high levels of private equity investment flooding in which has helped to stimulate corporate activity whilst also cementing the city’s position as a leading fintech hub.”

Fintech differs from previous technological revolutions in that it is being explored by both disruptive start-ups and established industry leaders. The wide spread development of Fintech technologies will no doubt benefit lawyers, with both the entrepreneurial start up leaders and international business heads aware of the need to comply with regulation.

A report from Deloitte, ‘Connecting Global Fintech: Hub Review 2016’, also highlighted London’s dominance in the Fintech market “London has the world’s largest financial services sector, supported by a booming tech sector. The ecosystem has the 'fin' of New York, the 'tech' of the US west coast and the policymakers of Washington, all within a 15 minute journey on public transport. These factors make London one of the greatest connected global cities in the world with the key ingredients for digital success: capital, talent, regulatory and government support and demographic diversity.”

Deloitte’s report also highlights progressive regulation as key facilitator of the growth of Fintech hub, and as London continues to thrive and regulation shifts with new innovation the demand for legal counsel will undoubtedly rise. I will be covering the rise of the technology sector in further details in my next report, which will focus on TMT.
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